Figures. Obama Campaign Spends More Than it Takes In – Borrows From Evil Bankers

Posted by Jim Hoft on Saturday, October 20, 2012, 11:19 AM

$5 trillion to national debt in a little over 3 years.
A new world record.
(Heritage)
Soon to be $6 trillion.

So is it really that surprising that the Obama Campaign overspent and is borrowing from Bank of America?The Washington Free Beacon reported:

Obama For America took out a $15 million loan from Bank of America last month, according to the campaign’s October monthly FEC report. The loan was incurred on September 4 and is due November 14, eight days after the election. OFA received an interest rate of 2.5% plus the current Libor rate.

Warren Buffett, Obama donor and namesake of the infamous “Buffett Rule,” invested $5 billion in Bank of America last year in an effort to help the ailing financial institution. Last month, two weeks after OFA took out the loan, Bank of America announced a plan that would lay off 16,000 workers by the end of the year.

Patty commented:

Americans are talking about a couple of hundred dollars here, just to get through from pay check to pay check. Hundred vs. Billions upon billions. From billions to Trillions has it made a difference to Obama?

Our kids will have it so bad unless someone gets a grip and fast on our children’s future. You just can spend money you don’t have. You must budget, yet, Obama has no budget, WE DO. Those of us paying for this irresponsible spending and now, Obama is threatening to Veto the Congress unless he gets his way, to tax the rich.

Obama is borrowing money that isn’t there and the rich are probing up this nation. And the rich are the ones who hire people. And they are getting sick of what they are seeing.

If they get shafted, so will America. And these taxes Obama is asking for on the rich will only help the debt for a day. WHAT IN THE HELL IS HE DOING TO US.

Patty commented:

President Obama can make all the jokes he want about Mitt Romney’s “binders,” but Obama’s the one in the bind.

He’s tossed everything and the kitchen sink at Romney. He’s even thrown in Big Bird. Now he’s calling Mitt “sketchy” — a term women use to describe men who give them the willies.

But scare tactics and one-liners won’t work anymore. Romney’s impressive performance in the first debate, and mostly solid showing in the second, has rendered Obama’s attacks mostly ineffectual.

Even Obama’s perceived gift in this week’s debate — moderator Candy Crowley “fact-checking” Romney over his claim that the president never said the attacks in Libya were due to an “act of terror” — hasn’t had much impact. All the exchange did was ensure that the terror attacks would dominate the next few days of the campaign.

The final debate Monday night is on foreign policy — without questions from alleged “uncommitted” voters — so that should help Romney make his case that the White House has been weak in responding to the attacks.[...............]

WE ARE PAYING FOR THIS. I thought the dinner roast was great because of Romney and I realize this is for a great cause. But Obama may be better served in Hollywood. He is an actor and I want my money back, because his performance at dinner and as a leader, well stinks for a lack of a better word and boy do I have some dooseys.

dwd commented:

Also, Obama’s a hypocrite. He’s Mr. Redistribution, Mr. Spread The Wealth… BUT Obama has refused to share revenue with the DNC, DSCC, and DCCC.

Per HotAir:
“How did the DNC get caught so short? Team Romney agreed to a significant amount of revenue sharing in late April when they partnered officially with the RNC. Team Obama, on the other hand, has refused to share revenue beyond what the DNC gets in large donations that are ineligible for the presidential campaign, and telling Harry Reid and Nancy Pelosi that the campaign wouldn’t send cash to the DSCC and DCCC, either.”http://hotair.com/archives/2012/10/20/rnc-up-83-million-dnc-taking-out-loans/

So Mr. Spread The Wealth told his fellow Democrats he’s not giving them any money (besides donations that are too big for him to accept anyway). He’s hoarding his money and refusing to share.

Kathteach commented:

Gee – it was just yesterdary the the Washington Free Beacon reported the DNC owes The Amalgamated Bank $15 million now.

When I heard the DNC borrowed $* million in September from America’s LAbor Bank – Amalgamated Bank – I thought it sounded like a made up bank one would see in The Three Stooges,

So I went to Wikipedia and saw it’s been America’s Labor Bank since 1923.

Amalgamated Bank, often described as “America’s Labor Bank,” is a national entity, the majority of which is owned by the Service Employees International Union (SEIU), a politically active union with deep ties to the Democratic Party. The SEIU is also involved with the Democracy Alliance, a shadowy group of wealthy left-wing donors founded by billionaire investor George Soros.

The bank announced in an August press release that the DNC had “moved its primary banking relationship” to Amalgamated Bank, which would handle the committee’s “day-to-day banking needs.”

Oh well, how nice of them to lend the DNC all this money because it is sure to be profitable with the timely re-payments of principle and interest – of course, I jest here.

Another interesting link in the Wikipedia article for The Amalgamated Bank -

Kathteach commented:

Another interesting link in the Wikipedia article for Amalgamated Bank:

In September 2011, two big investors bailed out Amalgamated Bank:

Mr. Burkle is a prominent donor to Democratic causes and has made Yucaipa a major investor in the grocery business, having bought stakes in Ralphs, now part of Kroger, and Pathmark, now part of the Great Atlantic and Pacific Tea Company. He has developed a close relationship with the main grocery union, the United Food and Commercial Workers.

Mr. Ross is known for playing a forceful role in revamping ailing companies in struggling industries, most notably steel and coal. He worked closely with the United Steelworkers — and at times fought with it — in reorganizing numerous steel mills, including those he bought from the bankrupt Bethlehem Steel in 2003.

snap boy commented:

I had assumed that after the financial collapse the banks were more cautious to lend money to poor credit risks. Given Obama’s track record with the national deficit, his credit rating should be way under water. BOFA has already demonstrated very poor lending judgment and is looking to double down on their past performance.

Ghost commented:

I’ve been airing up my tires like crazy, trying to save a bit of money on gas, so that I can buy food for the family table. <— LIKE MOST AMERICANS, we struggle to make ends meet.

To hear that a politician is borrowing money to run the campaign is not only sickening, it is UN-American! He needs to take his Chicago Corruption, find a deserted island and become best friends with a volley ball.